Saving/Applying for a mortgage 2015/16/17/18/19

Inspector Coptoor · 26-01-2016 2:59pm

It was a little more than 3 years, say 3 years and 3 months.

Worked out at €850 rent a month and €2200 savings per month.

We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

Have to cut the cloth to measure at times

Black_Knight · 26-01-2016 7:34pm

Inspector Coptoor wrote: »

It was a little more than 3 years, say 3 years and 3 months.

Worked out at €850 rent a month and €2200 savings per month.

We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

Have to cut the cloth to measure at times

I get hit with the "you have to live a little too" every now and again. The woes of being the financial police in the relationship :pac: That said I did just buy a nice big telly last week.

Getting married ourselves, so while our savings in total are pretty awesome, the majority of it are not being directed towards a house just yet. Probably be ready to buy just as prices peak.:(

Santy2015 · 26-01-2016 7:55pm

We're putting the house first and then start wedding planning even though herself is preoccupied with it haha

zweton · 26-01-2016 8:07pm

Folks, just wondering who are the best to go with at the moment.
Have a meeting with PTSB next week so will see how that goes, i know they are doing a new cash back offer. We could be potentially looking to buy at the end of this year all going to plan etc. What bank are most going with here?

Santy2015 · 26-01-2016 8:13pm

zweton wrote: »

Folks, just wondering who are the best to go with at the moment.
Have a meeting with PTSB next week so will see how that goes, i know they are doing a new cash back offer. We could be potentially looking to buy at the end of this year all going to plan etc. What bank are most going with here?

Add your reply here.
We will be going with BOI. We're both customers and have been very helpful have another meeting in February with them to finalise our application. We went before Xmas but hadn't enough saved but will have our deposit and stamp duty saved by the next meeting and new and improved salary Cert for my OH that now says permanent

Inspector Coptoor · 26-01-2016 8:31pm

We've gone with BOI as well.

We are gonna pay a 20% deposit and we're getting a rate of 3.6% fixed for 3 years and 4.1% after that.

If we had less than 20% deposit, APR after fixed period would be 4.5% or 4.6%.

Have taken it over 30 years but hope to pay it back in 22-25 years all going well.

Tasden · 26-01-2016 9:26pm

Inspector Coptoor wrote: »

It was a little more than 3 years, say 3 years and 3 months.

Worked out at €850 rent a month and €2200 savings per month.

We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

Have to cut the cloth to measure at times

Fair play, and congrats on the marriage!

zweton · 26-01-2016 10:33pm

New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)

Inspector Coptoor · 26-01-2016 10:38pm

zweton wrote: »

New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)

No, you can't I'm afraid.

€150k house requires a €15k deposit and €1.5k stamp duty so you'd need €16,500 just to cover that plus money to cover valuation, structural survey and solicitors fees.

Santy2015 · 26-01-2016 10:49pm

zweton wrote: »

New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)

Add your reply here.
I was told you could by my advisor in BOI. For example house costs 120k but you need 18k to finish a builders finish house you'd need a 14k deposit but this a fake deposit. You'll only pay 12k and 1.2k stamp duty. That's the way I was told about it. Now I hope I'm not being fooled.

Sleepy · 27-01-2016 12:41am

I'm guessing that's some form of "self-build" mortgage rather than an ordinary "buying an already completed house that needs renovations" mortgage.

Santy2015 · 27-01-2016 7:48am

Sleepy wrote: »

I'm guessing that's some form of "self-build" mortgage rather than an ordinary "buying an already completed house that needs renovations" mortgage.

Add your reply here.
Not that I know of. I'll let ye that once I go back to them in a few weeks. I didn't get that feeling talking to them the last few times.

Santy2015 · 03-02-2016 3:33pm

Just a question, wondering if it's possible to view a house without mortgage approval? we wouldn't be putting in a bid at that time just looking.

Alkers · 03-02-2016 3:33pm

Yup, no issue there.

Santy2015 · 03-02-2016 3:38pm

Simona1986 wrote: »

Yup, no issue there.

Add your reply here.
Thanks, was thinking it'd be okay.

03-02-2016 3:42pm

Santy2015 wrote: »

Add your reply here.
Thanks, was thinking it'd be okay.

Tell the agent you have approval though or they probably won't give you the time of day.

Black_Knight · 03-02-2016 3:43pm

Azalea Screeching Padding wrote: »

Tell the agent you have approval though or they probably won't give you the time of day.

Tell them you have approval and they'll probably tell you the wrong time.

Santy2015 · 03-02-2016 3:51pm

Yeah I was going to do that and then hold off while we get approval

Sleepy · 03-02-2016 3:54pm

Just don't mention it tbh.

I'm picking up a rule of thumb is to tell the agent only two things: the time you'll be there to meet them for a viewing and the terms of your offer should you choose to make one.

Anything else you volunteer, they'll attempt to use against you.

03-02-2016 4:06pm

Sleepy wrote: »

Just don't mention it tbh.

I'm picking up a rule of thumb is to tell the agent only two things: the time you'll be there to meet them for a viewing and the terms of your offer should you choose to make one.

Anything else you volunteer, they'll attempt to use against you.

Yeah, I agree I was sort of working off the assumption of them asking if you had approval rather than telling them of your own accord.

Santy2015 · 03-02-2016 6:06pm

So say nothing only if they ask.

REFLINE1 · 04-02-2016 12:24pm

Anyone been approved with a deposit exemption yet this year?

Alkers · 04-02-2016 12:31pm

No, but be aware you will very unlikely get an exception for both criteria. Can you still afford to buy with a smaller deposit and a mortgage of 3.5 times your salaries?

REFLINE1 · 04-02-2016 3:35pm

Simona1986 wrote: »

No, but be aware you will very unlikely get an exception for both criteria. Can you still afford to buy with a smaller deposit and a mortgage of 3.5 times your salaries?

yes the income multiples isn't an issue for the size of mortgage we want but we are prob only 60% of the way to the required deposit size currently.

Alkers · 04-02-2016 3:39pm

I would say it's a possibility so, once you are demonstrating good repayment capacity (be it in rent or current savings habits).

Santy2015 · 04-02-2016 5:20pm

Is it wise to put a bid on a house going by the property price register? I'd assume it's good practice on our part?

tharmor · 05-02-2016 8:45am

Santy2015 wrote:

Hi, me and my fiancÃ©e are currently saving up to buy our first home. I would like a few ideas as to what we should have saved to cover all costs with buying a house deposit, stamp duty etc.. I understand that we can get a mortgage of â‚¬130000/â‚¬140000 as herself has a car loan at present. We are saving â‚¬250 a week at the moment. We have about â‚¬7000 saved so far. Any help would be greatly appreciated. Thanks

El_Dangeroso wrote:

How soon are you planning to buy? If you can wait 15 months the best savings account is the nationwide uk Ireland one:

El_Dangeroso wrote:

You can claim back any dirt on it once you're ready to buy as well.

Is the interest liable for any income tax ??

El_Dangeroso · 05-02-2016 10:22am

tharmor wrote: »

Is the interest liable for any income tax ??

Nope, tax free as long it's being used as a deposit for a first time buyer.

Parchment · 05-02-2016 11:17am

We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.

El_Dangeroso · 05-02-2016 11:59am

Parchment wrote: »

We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.

Just be aware that there are a lot of horror stories about BOI when it comes to drawdown time, a lot of messing around, lost paperwork, requesting things that have already been provided etc. and I say this as a current account customer of theirs.

The only additional hassle of applying with another bank was providing 6 months statements, which was simply a matter of downloading from online banking and uploading them to the mortgage portal (we went with AIB, all done completely online so no time off work required)

Santy2015 · 05-02-2016 12:26pm

Parchment wrote: »

We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.

Add your reply here
We're going with BOI as well. They were the most helpful and we're both customers. I hope they don't mess us around when it comes to drawing down the mortgage though. They've been good so far

05-02-2016 12:33pm

I know someone who went with BOI recently, same reason went with them as they were always customers and wanted as little hassle as possible, didn't even talk to other banks. They had no issues and said it was very easy from start to finish. All accounts were in BOI so salary proof etc is he only thing he had to provide. Draw down was easy also no hassle.

whiskeyman · 05-02-2016 12:41pm

Azalea Screeching Padding wrote: »

I know someone who went with BOI recently, same reason went with them as they were always customers and wanted as little hassle as possible, didn't even talk to other banks. They had no issues and said it was very easy from start to finish. All accounts were in BOI so salary proof etc is he only thing he had to provide. Draw down was easy also no hassle.

Did they even shop around or look at what the rates are elsewhere?
It is a kind of important, and big, purchase decision after all!

El_Dangeroso · 05-02-2016 1:11pm

whiskeyman wrote: »

Did they even shop around or look at what the rates are elsewhere?
It is a kind of important, and big, purchase decision after all!

I suppose if you don't mind paying an additional 50 quid a month for 30 years to avoid some paperwork

Sleepy · 05-02-2016 1:35pm

I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!

05-02-2016 3:18pm

whiskeyman wrote: »

Did they even shop around or look at what the rates are elsewhere?
It is a kind of important, and big, purchase decision after all!

They said the rates were only a bit different and not worth the hassle of dealing with another bank so had a look yes but didn't actually go to talk to another bank or broker.

matrim · 06-02-2016 12:00pm

Sleepy wrote: »

I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!

There is always the option to move mortgage in a few years if the BOI rates remain as the highest.

Jentle Grenade · 07-02-2016 1:46pm

We're reapplying tomorrow. When we initially applied about six months back we had minor credit card debt and my OH still had her GEM loan outstanding. Now we're in a better position, debt free and a further 15.5k added to our savings, but house prices in our preferred area have risen slightly in the last six months. We have two places in mind at the moment, one is a serious fixer upper but the location is great. Hopefully it'll be an easy approval process this time around.

Santy2015 · 15-02-2016 9:08pm

Going viewing a couple of houses tomorrow without mortgage approval but meeting with the bank again tomorrow as we have the required deposit saved reapplying tomorrow. So what will we say when viewing the houses? I don't want them to know that we don't have approval

L1011 · 15-02-2016 9:13pm

Santy2015 wrote: »

Going viewing a couple of houses tomorrow without mortgage approval but meeting with the bank again tomorrow as we have the required deposit saved reapplying tomorrow. So what will we say when viewing the houses? I don't want them to know that we don't have approval

Don't volunteer anything. There is a decent chance you won't be asked unless you're making an offer (which I wouldn't)

Santy2015 · 15-02-2016 9:22pm

L1011 wrote: »

Don't volunteer anything. There is a decent chance you won't be asked unless you're making an offer (which I wouldn't)

Thanks, yeah we won't be making any offer. Not until I know fully that we've got approval.

angeldelight · 15-02-2016 10:14pm

I suppose I can start participating in this thread - it's starting to look like we could be in a position to buy in 2016. Where we're looking there's a range of properties we're interested in from 220-320k. Obviously if we go for one at the lower end of the range there'd be a lot of work to do but I think we'd be ok with doing it piece by piece as we really want to only buy one house ever. It may not be practical but that's our intention for now anyway.

We called in to KBC on Saturday just because they were open and had a chat with someone who seemed very positive about our position. Based on the 3.5x gross salary we'd qualify for a mortgage that would allow us to buy at the top of our range but we'd need a lot more for deposit. We have 21k saved currently so need to just keep the head down. We've a small amount of credit card debt which he didn't actually think would affect it so much as the stressed repayment was coming up at 1400ish and we've been paying 1100 rent for over a year and saving a good amount too even when I was on maternity leave.

Santy2015 · 15-02-2016 10:27pm

We've just over 15k saved but we'd be in the range of 130/150k so we'd be pretty okay. Living in a area where house prices aren't extortionate too helps. BOI told us we'd have no problem as we're saving nearly 1600 a month as we dont pay rent

Inspector Coptoor · 15-02-2016 10:31pm

Sleepy wrote: »

I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!

I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.

Santy2015 · 15-02-2016 10:35pm

Inspector Coptoor wrote: »

I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.

That's great. That 2% will be handy for us too. Were you waiting long for approval?

Inspector Coptoor · 15-02-2016 10:50pm

No.
Got approval in March last year.
Took 10 months to find the house we wanted though.

Santy2015 · 15-02-2016 10:52pm

Inspector Coptoor wrote: »

No.
Got approval in March last year.
Took 10 months to find the house we wanted though.

From when ye applied did it take more then the 72 hours they've told us? When we first applied which was really only a tester really as we knew didn't have enough saved took 15 days

angeldelight · 15-02-2016 10:53pm

Just thought of something, if we go with a broker do we pay them or do they get paid by the bank??

The 2% cash back would be very handy as my parents may help us out if we need it at the end and it would be a quick way to repay them but we don't want to pay over the odds over the years either

Alkers · 15-02-2016 11:05pm

Inspector Coptoor wrote: »

I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.

Is that 3 years fixed at 3.45%. I thought KBC were the lowest at 3.65%?

We just got approval back from two banks for slightly above the 3.5 * salaries limit, the rest of the banks all approved us but only for 3.5 times.

Inspector Coptoor · 15-02-2016 11:12pm

Simona1986 wrote: »

Is that 3 years fixed at 3.45%. I thought KBC were the lowest at 3.65%?

We just got approval back from two banks for slightly above the 3.5 * salaries limit, the rest of the banks all approved us but only for 3.5 times.

Yeah, 3 years fixed at 3.45%.

The caveat is that we are paying a full 20% deposit of €86k on the house we are buying.

To the previous poster, I can't remember exactly how long approval took.
There was a lot paperwork to hand in but once it was all in, it took less than a working week.

Saving/Applying for a mortgage 2015/16/17/18/19

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